Zangeneh: Minimum Risk of New Sanctions

International companies should seize new opportunities for investment in Iran’s economic and energy sectors despite the talks about new sanctions in the wake of increasing political tensions between Tehran and Washington, a top oil official says.

“If there are new restrictions, it will not affect the deals that are concluded after the easing of restrictions last year,” Amirhossein Zamaninia, deputy oil minister for international affairs, was quoted as saying by Shana on Sunday.

He made the statement on the sidelines of the 13th Iran Petrochemical Forum which brought together representatives from 76 international and 385 domestic firms for two days in Tehran.

In response to speculations that the Trump administration’s hawkish stance toward Tehran has discouraged foreign investors, Zamaninia said, “International majors’ lack of trust and their reluctance to invest in Iran’s economy and energy sectors will not last long. We have held extensive negotiations with multinationals and the talks will gain momentum in the coming days.”

Downplaying the possibility of a ‘snap back’ of trade and economic restrictions, the official reiterated that possible new sanctions by the United States against Iran cannot and will not apply to agreements undertaken prior to the new sanctions.

“There is nothing to worry about. In case of new economic restrictions (and any impediment in cooperation), foreign contractors will be remunerated based on the terms and agreements of their deals,” Zamaninia said.